Topic: Philippines to develop rules on cryptocurrency trading - page 2. (Read 289 times)

That's hard to say when there recently has been a proposed tax reform bill which imposed a tax on practically almost anything such as sodas. A lot of crypto users in the country won't be happy once this happens. I'm betting those who have profited won't be willing to pay additional taxes for trading or investing. The income taxes are already a bother, and having additional taxes on crypto transaction won't make it any better.

It's about time that the Philippine government to make some action towards cryptocurrency since the use of it within the country and globally continues to grow. If they don't do anything about it, someday it's going to be out of there hands.

Its normal to every government to impose rules regarding crypto exchanges. There are some ICOs that are not honest on their projects. Just like what i saw on the news about 2weeks ago, there's an ICO project wherein a lot of filipinos invest their money on it, then at the end the ICO project didnt push through. The philippine government just wanted to protect filipinos on those fraud ICOs who used to steal money from the pocket of our citizens.

Framing rules for cryptocurrencies and ICOs is to be expected. With the number of scammy ICOs which disappear overnight with people's funds, regulators cannot be expected to sit back and do nothing. In the long run, this will only aid the popularity of Bitcoin.

Even myself wont be bother out if they would do such thing when it comes on tightening on ICO since I'm not really into investing with these matter and I do rather believe that most Filipino people are not to engage on investing into these crowdfundings which they do rather earn it up for free rather than on investing.Most people do know the risk no matter how they would ban those things then it doesn't really make a big effect at all.

This is fine for me. As a person who wants my money to grow in a legit investment, I feel much safer if I know that there are rules the ICOs have to abide. Knowing this country, scams are rampant and so it's easy for people to be fooled.

Tax is unavoidable for business once the government develop regulations and/or law.

I won't mind them tightening on ICOs but they better not find more ways to tax our bitcoins. A lot of people have made money trading in crypto here, they should just put out some regulations rather than outright bans. The money being earned do trickle down, improving the economy. Unlike Duterte's economic policies that only managed to speed up the inflation rate.

According to the article it stated that:

"The Philippines’ Securities and Exchange Commission said that it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.
The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalised this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.

“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations,” Aquino told a news conference.
“You have to be extra careful how investors in this new space are protected.”  uthorities around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies
- a form of digital money created and maintained by its users.

Chinese authorities have banned initial coin offerings and shut down local trading platforms, while South Korea - where speculation on cryptocurrencies is also rife - is working on plans to ban virtual coin exchanges.
The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors, Aquino said.
The corporate regulator has yet to approve any public sale of cryptocurrencies and is investigating unlicensed sellers.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.
Hackers last week stole $530 million worth of digital money from Tokyo-based cryptocurrency exchange Coincheck Inc in one of the biggest-ever thefts of digital money."

Reuters (2018, January 29) Philippines to develop rules on cryptocurrency trading Retrieved from http://news.abs-cbn.com/business/01/29/18/philippines-to-develop-rules-on-cryptocurrency-trading

What do you think about this? Should the Philippines make their own rules and regulation in regards with cryptocurrency trading or they should just ban ICO's/Cryptocurrency just like what china and korea did?